Advanced Disposal announces Q2 results

Ponte Vedra, Florida-based Advanced Disposal Services Inc. has announced revenue of $380.3 million for the three months ended June 30, versus $419.1 million in the same period of the prior year. Net income during the second quarter was $6.2 million, or $0.07 per diluted share, which was an improvement of $7.2 million, or 0.08 per diluted share, compared to the prior year. Adjusted net income, which excludes certain gains and expenses, was $17 million, or $0.19 per diluted share.

"We are extremely pleased with the results the team delivered," says Richard Burke, CEO of Advanced Disposal Services. "The second quarter was one of the most challenging business environments we have ever faced with unprecedented changes to our economy driven by the COVID-19 pandemic. We also are now 15 months from the original announcement of our pending merger with Waste Management, which could have easily distracted the team. Yet despite these headwinds, we were able to achieve significant improvements in operating income, net income and cash flow from operations during the quarter. This is the collective result of our over 6,000 team members living out our 'Service First, Safety Always' culture, and it underscores our team's commitment to our customers, communities and company."

The second quarter financial highlights include:

Scroll to continue with content

• revenue of $380.3 million represented a 9.2 percent decrease year over year;
• achieved average yield of 3.8 percent but suffered volume declines of 12.2 percent primarily related to the pandemic;
• net income improved $7.2 million to $6.2 million or $0.07 per diluted share;
• achieved adjusted EBITDA of $103.8 million;
• EBITDA margins improved 110 basis points to 27.3 percent despite sharp volume declines as the company focused on managing controllable costs;
• adjusted net income improved $8 million to $17 million;
• cash provided by operating activities improved $21 million during the second quarter to $97 million; and
• adjusted free cash flow improved $29.2 million during the second quarter to $61.8 million.